It’s good to be retired on the North Olympic Peninsula, a study on retirement preparedness shows.
Jefferson County was No. 3 in SmartAsset’s list of counties with the highest ratio of wealth to cost of living in the state of Washington.
Clallam County was No. 5 in the state list compiled by the personal finance technology company.
The wealth-to-cost-of-living index is the sum of median wealth and Social Security income divided by the cost of basic expenses.
According to the analysis, Jefferson County’s median household wealth was $50,906; its average Social Security income was $17,900; and its cost of living was $16,646 for a wealth-to-cost-of-living index of 48.49.
Clallam County’s median household income was $35,008; its Social Security income was $18,817; and its cost of living was $16,454 for a wealth-to-cost-of-living index of 36.32.
Jefferson County ranked 84th nationally and Clallam County 445th.
SmartAsset used 2013 Census data, a geographic information system company, a Massachusetts Institute of Technology living-wage calculator, business forecast publisher Kiplinger and government sources to compile the rankings.
Port Angeles Regional Chamber of Commerce Executive Director Russ Veenema said the timing for the good news is perfect, as the national housing market is heating up and people are considering retirement destinations.
“Port Angeles and Clallam County are fortunate to still have an affordable housing market which, with the still-low mortgage rates, the combination is very attractive for folks planning to pay for housing with Social Security as their primary income,” Veenema said in a Thursday email.
“This info combined with the temperate climate gives us a good sales pitch for calling this area home.”
The list was part of a broader SmartAsset study on retirement preparedness.
“This index reflects how easily county residents are able to accumulate wealth given the cost of living in that area,” SmartAsset officials said.
Lincoln and San Juan counties ranked Nos. 1 and 2, respectively, for the highest wealth-to-cost-of-living index in Washington.
Skamania County landed between Clallam and Jefferson counties at No. 4.
Rounding out the top 10 counties in the state were Benton, Thurston, Kitsap, Columbia and Island counties.
Visit http://tinyurl.com/PDNretirementrankings to view the report.
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Reporter Rob Ollikainen can be reached at 360-452-2345, ext. 5072, or at rollikainen@peninsuladailynews.com.
